DULUTH, MINN. — Standard Communities led a public-private partnership in acquiring Lenox Place Apartments in Duluth, an eastern Minnesota city along Lake Superior. The transaction is capitalized at $37.1 million. Built in 1980 and located at 701 W. Superior St., the affordable housing property features 152 units. There are 143 one-bedroom units and nine two-bedroom residences for seniors and individuals with disabilities. Standard will extend the affordability of Lenox Place Apartments for 30 years, with resident income restricted to 60 percent of the area median income.
Funding for the acquisition included Low-Income Housing Tax Credits secured through the Minnesota Housing Finance Agency, and the Housing Redevelopment Authority of Duluth issued tax-exempt bonds. Huntington Bank provided the tax credit equity. Standard will significantly renovate the 14-story property at a cost of approximately $12 million. Residents will not be relocated during the renovations.